Exhibit 1 Condensed Operating and Stockholder Information, Robertson Tool Company (millions of dollars except per-share data)

1998 Operations Sales Cost of Goods Selling, General and Administrative Costs Depreciation Expense Interest Expense Income Before Taxes Taxes Net Income Percentage of Sales Cost of Goods Sell, Genl, Admin. Operating Income Stockholder Information Earnings Per Share Dividends Per Share Book Value Per Share Market Price Price/Earnings Ratio Shares Outstanding $ 2.91 1.60 49.40 33-46 11-16 584,000 $ 1.88 1.60 49.68 35-48 10-26 584,000 $ 3.25 1.60 51.33 29-41 9-13 584,000 $ 2.74 1.60 52.47 25-33 9-12 584,000 $ 2.23 1.60 53.10 23-32 10-14 584,000 67% 22% 6.6% 67% 23% 5.3% 67% 21% 7.3% 68% 22% 6.2% 69% 22% 5.4% 10.7 2.0 .4 2.8 1.1 $1.7 11.1 2.3 .7 1.9 .8 $1.1 11.5 2.4 .8 3.1 1.2 $1.9 11.9 2.3 .8 2.6 1.0 $1.6 12.3 2.1 .8 2.2 .9 $1.3 $ 48.5 32.6 $ 49.1 33.1 $ 53.7 35.9 $ 54.8 37.2 $ 55.3 37.9 1999 2000 2001 2002

Exhibit 2 Balance Sheet at December 31, 2002, Robertson Tool Company (millions of dollars)
Assets Liabilities and Net Worth

Cash Accounts Receivable Inventories Other Current Assets Net Plant and Equipment Total Assets

$ 1 8 18 1 28 19 $ 47

Accounts Payable Other Current Liabilities Long-term Debt Net Worth Total

$ 2 2 4 12 31 $ 47

Collection Period (days) Days of Inventory (days) Sales/Total Assets

53 173 1.18

Debt as % Capital Total Assets/Net Worth

28% 1.52

Exhibit 3 Condensed Operating and Stockholder Information, NDP Corporation (millions of dollars except per-share data)
1998 Operations Sales Net Income Financial Position Current Assets Current Liabilities Net Working Capital Long-term Debt Shareholders Equity Stockholders Information Earnings Per Share Dividends Per Share Book Value Per Share Market Price Price/Earnings Ratio Shares Outstanding $ .78 0 8.31 6-17 8-22 2,525,600 $ .61 0 6.86 10-18 16-30 5,245,900 $ .59 0 7.37 7-18 12-31 5,430,100 $ .21 0.20 7.38 4-10 19-48 5,510,000 $ .54 0 7.45 5-8 9-15 5,501,000 $ 25 6 19 10 21 $ 46 11 35 18 36 $ 49 15 34 16 40 $ 41 10 31 15 41 $ 46 13 33 17 41 $ 45 1.97 $ 97 3.20 $ 99 3.20 $ 98 1.13 $ 100 2.98 1999 2000 2001 2002

Exhibit 4 ProFormas for Robertson Tool (millions of dollars)

Actual 2002 Sales Cost of Goods Gross Profit Sell & Admin Depreciation EBIT Tax @ 40% EBIAT 55.3 37.9 17.4 12.3 2.1 3.0 1.2 $ 1.8 2003 $ 58.6 39.8 18.8 12.3 2.3 4.2 1.7 $ 2.5 2004 $ 62.1 41.6 20.5 12.4 2.5 5.6 2.2 $ 3.4 Forecasts 2005 $ 65.9 43.5 22.4 12.5 2.7 7.2 2.9 $ 4.3 2006 $ 69.8 45.4 24.4 13.3 2.9 8.2 3.3 $ 4.9 2007 to Infinity $ 69.8 45.4 24.4 13.3 2.9 8.2 3.3 $ 4.9

CoGS % Sales Sell & Admin % Sales

69% 22%

68% 21%

67% 20%

66% 19%

65% 19%

65% 19%

Net Plant & Equip @ Beginning of Year Capital Expenditures Depreciation Expense Net Plant & Equip @ End of Year $ 20.7 $ 21.7 $ 22.6 $ 23.5 $ 23.5 19.0 -4.00 2.3 20.7 -3.50 2.5 21.7 -3.60 2.7 22.6 -3.80 2.9 23.5 -2.90 2.9

Total Gross Fixed Assets

23.00

24.20

25.30

26.40

26.40

Exhibit 5 Five-Year Forecast of Monmouth, Inc. Earnings, Excluding Robertson Tool (millions of dollars except per-share data)
2003 Net Income Shares Outstanding (mil) Earnings Per Share $ 11.0 4.21 $ 2.61 2004 $ 11.9 4.21 $ 2.83 2005 $ 12.8 4.21 $ 3.04 2006 $ 13.8 4.21 $ 3.27 2007 $ 15.0 4.21 $ 3.56

Exhibit 6 Selected Financial Information on Quasi-Comparable Firms, 2002

Actuant Corp. Briggs & Stratton Idex Corp. Lincoln Electric Snap On Inc. Stanley Works Robertson Tool Co. 53 33% 5% 4% 3.5 28% 37% $ 29 1.80 16.1 $ 30 2.32 13.5

Collection Period (days) Inventory % Sales Operating Margin % Sales Return on Capital Times Interest Earned Debt % Capital Bond Rating Value of Firm ($ mil) EBIAT ($ mil) EBIAT Multiple Share Price Earnings Per Share Price/Earnings Equity Beta Asset Beta balance sheet values market values

55 12% 17% 21% 3.8 98% 29% BB$ 712 55 12.8 $ 42 2.80 15.0 1.00 0.71

77 18% 13% 9% 3.2 52% 37% BB+ $ 1,443 119 12.1 $ 42 3.20 13.1 1.00 0.63

47 13% 20% 10% 7.1 30% 20% BBB $ 1,191 98 12.2 $ 29 2.00 14.5 1.00 0.8

61 17% 15% 12% 11.5 27% 17% $ 1,145 90 12.7 $ 22 1.78 12.4 .75 0.63

96 18% 10% 11% 7.8 29% 19% A+ $ 1,861 129 14.4 $ 26 1.80 14.4 1.05 0.85

77 16% 15% 14% 9.3 40% 24% A $ 3,014 234 12.9 $ 27 2.32 11.6 .95 0.73

Average Asset Beta

0.725

Equity Beta 0.89417

Exhibit 7 Information on United States Capital Markets I. Interest Rates in May 2003 30-Year U.S. Treasury Bonds 4.10% AA 4.52% U.S. Corporate Bonds Rated A BBB 5.07% 6.07% BB 7.96%

II. Estimated Market Risk Premium = 5.5% over 30-Year U.S. Treasury Bonds

III. Median Values of Key Ratios by Standard & Poors Rating Category AAA AA A Times Interest Earned (X) EBITDA / Interest (X) Pre-tax Return on Capital (%) Debt as % Capital (%) Number of companies 27.3 31.0 25.2 12.6 6 18.0 21.4 25.4 36.1 15 10.4 12.8 19.7 38.4 118

BBB 5.9 7.6 15.1 43.7 213

BB 3.4 4.6 12.5 51.9 297

B 1.5 2.3 8.8 74.9 345

IV. Debt and Times Interest Earned Ratios for Selected Industries AAA AA A Food Processing Debt % Capital Times Interest Earned Electrical Equipment Debt % Capital Times Interest Earned Electric Utilities Debt % Capital Times Interest Earned

BBB

BB

44% 7.9 -

46% 4.0

51% 6.7 36% 7.3 54% 3.4

54% 4.3 48% 3.2 57% 2.7

53% 2.9 72% 1.6 73% 2.0

Rfr Kd Ke Debt Equity Beta WACC

2002 Terminal 0.041 0.041 6.67% 6.67% 9.02% 9.60% 28% 28% 72% 72% 0.8942 1 7.613% 8.032%

0.711

Group NO 4 Chinmay Navneet Mukul Dilip Sagar Tejaswi Prakash Sinha Yadav Mathew Darira Sabinnenni

Assumptions Sales Increase COGS/Sales Selling&Admin/Sales Tax

Growth rate for next 5 years 5.00 65.00 19.00 40.00%

Terminal 3.00 65.00 19.00 40.00%

Depreciation/Gross Fixed Assets

0.10

0.10

Working Capital/Sales

43.00

43

Relative Valuation using EBIAT M

Valuation - Comps summary (From Exhibit 6) Multiple EV/EBIAT Min 12.10 Max 14.40 Average 13.31

Valuation - Estimate (Rs.Mn) Multiple Value - Min EV/EBIAT 59 Less: Debt 12 Equity Value 47 Value per share 81

Value -Max 71 12 59 100

Value -Average 65 12 53 91

We have already provided the buttons for analysing the sensitivity for diff parameters. Above that we are also providing 3 cu

Sensitivity Analysis Optimistic Growth Rate LTGR COGS/Sales S & A/ Sales WC/Sales Expected MP 7% 4% 60% 15% 40.00 176.90 Normal 5% 3% 65% 19% 43.00 62.19 Pessimistic 3% 2% Expected Market 70% Prices 23% 46.00 -0.55

Buttons are provided to check the sensitivity for different growth rates over the share price.

2002 Sales COGS Selling and Admin Expense Depreciation EBIT EBIT*(1-t) Capex WC Change in WC FCFF Terminal Value FCF NPV Add Cash Less Debt FCFE Value per Share 55.3 37.9 10.507 2.1 4.793 2.8758 24

2003 58.07 37.74225 11.03235 2.30 6.9904 4.19424 4 24.96795 0.96795 1.53 1.53

2004 60.97 39.6293625 11.5839675 2.42 7.33492 4.400952 3.5 26.2163475 1.2483975 2.07 2.07

2005 64.02 41.61083 12.16317 2.53 7.712666 4.6276 3.6 27.52716 1.310817 2.25

2006 67.22 43.69137 12.77132 2.64 8.114799 4.86888 3.8 28.90352 1.376358 2.33 60.32115 2.25 62.65

2007 to Infinity 69.23 45.00211 13.15446 2.64 8.437443 5.062466 3.8 29.77063 0.867106 3.04

51.73 1 12 40.72941941 69.50412869

on using EBIAT Multiple

EBIAT for Robertson Tools (2007) 4.90 We have taken the 2007 value of EBIAT as the firm wants to achieve this Stable value after synergy takes place for the combined firm

om Exhibit 6)

we are also providing 3 custom scenarios for easy viewing

Optimistic 79.40 81.50 132.70 120.04 21.70

Normal 69.50 69.50 69.50 69.50 69.50

Pessimistic 60.10 61.50 6.30 18.90 117.40

2007 to Infinity

Q.1

Find whether Robertson toll is a good fit or not andwhy Mr. Vincent want to acquire the control of the

Monmouth is leading producer of engines and massive compressors.Its high dependence on sale of oil and gas ind Robertson tool had poor sales and profit performance in recent few years. But they had basic competitive strengt They were one of the largest domestic manufacturers of cutting & edge hand tools and leader in two main produc Their greatest asset was distribution system. Sales people marketed its products to 2100 hardware wholesalers w Overseas company products were sold in 137 countries through sales represntatives. So,the great distribution system of Robertson will help in selling of the products of Monmouth thus reducing their Q.3

Why is Simmons eager to sell its position to Mommouth for $50 per share? Simmon is falling short of 24900 shares to gain a majority stake at Robertson tool and also fear that if Robertson m The merger would allow the conversion of shares into common stock of Monmouth and also there would be acce But if they support the merger of Monmouth and Robertson Tools it would allow the price appreciation from cycl Also, trading on NYSE would cause increase in liquidity. So, atleat $50 per share wich was just $3 less than the book value would be a good price.

nt to acquire the control of the firm?

pendence on sale of oil and gas industries. hey had basic competitive strength. ols and leader in two main product areas - clamps & vises and scissors & shears. to 2100 hardware wholesalers which in turn sold to 15000 retail outlets in US and Canada. of Monmouth thus reducing their selling expense and also it would lead to decrease in the inventories too.

ol and also fear that if Robertson merge with NDP then the value os shares with them will fall because of lack luster performance of stock outh and also there would be acceptable exchange rate. w the price appreciation from cyclical downturn as they have anticipated.

f lack luster performance of stock of NDP.

Monmouth Net Income Shares Outstanding (mil) Earnings Per Share

2003 11 4.21 2.61

2004 11.9 4.21 2.83

2005 12.8 4.21 3.04

2006 13.8 4.21 3.27

EBIT Interest Exp EBT Taxes Net Income Net Income (Combined Firm) Desired EPS Desired No. of Shares Increase in Shares Exchange Ratio

2003 2004 2005 2006 4.793 6.9904 7.33492 7.712666 0.710976 0.710976 0.710976 0.710976 4.082024 6.279424 6.623944 7.00169 1.63281 2.51177 2.649578 2.800676 2.449214 3.767654 3.974366 4.201014 13.44921 15.66765 16.77437 18.00101 2.61 2.83 3.04 3.27 5.152956 5.536274 5.517884 5.504897 0.942956 1.326274 1.307884 1.294897 0.22398 0.315029 0.310661 0.307577

2007 15 4.21 3.56 Monmouth

2007 8.114799 0.710976 7.403823 2.961529 4.442294 19.44229 3.56

Robertson

Combined

5.461319 Firm 1.251319 0.297225 These are the Exchange ratios which will help Manmouth to masintain the same EPS.